MESC signs debt-restructuring agreement with banking consortium

Middle East Specialized Cables Co. (MESC) has inked a debt-rescheduling agreement

with a consortium of banks that includes Alawwal Bank, Arab National Bank, Banque Saudi Fransi, Riyad Bank and The Saudi British Bank, the company said in a bourse filing.

Under the agreement, the credit facility tenure will be extended until April 30, 2019, instead of Oct. 31, 2018.

A total of SAR 268.9 million will be rescheduled.

This agreement included no third parties. MESC will duly unveil the related positive impact.

In May, the company extended a sharia-compliant credit facility agreement with Alawwal Bank and other Saudi lenders. The credit facility tenure was extended from five years to seven years until December 31, 2019, Argaam previously reported.